My small business provides medical insurance for our employees. We now pay at least double for it and the coverage is significantly worse. A PET scan in 2009 was $75; now, it’s $1,600. This is the “same” gold-level plan we were on then. Who can afford $1,600 tests?
The Affordable Care Act has made it so we can’t offer decent coverage. In 2016, our plan will be a “Cadillac” plan. We will pay additional taxes for offering it. If we stop providing insurance, let our employees go through the marketplace, and provide them money toward that, we will be fined $36,500.
We can raise pay to cover costs. Most will likely pay the penalty of 2 percent their income. We’ll be left with longer illnesses and more missed days of work.
We offer a 401(k) plan. Employees build up some money in it and take it out for an “emergency.” If they can’t keep money in their 401(k), how will they pay for insurance?
